Cybercrime Concerns Going Into 2024
Top Cybercrime Trends to Keep an Eye Out for in 2024
A cybersecurity ventures research shows that cybercrime will cost $9.5 trillion worldwide in 2024 and exceed $10.5 trillion by 2025. An explosion in the Internet of Things (IoT), Artificial Intelligence (AI), and remote tools have evolved how people utilize technology, and cybercriminals are modifying their techniques to infect consumers and organizations.
In fact, data provided by the FBI found 800,000 cyber-crime complaints, leading to a stunning $10 billion in total losses. AI will likely affect cyberattacks and defense as we navigate the ever-evolving technological landscape.
Below, we dive into the top 11 cybercrime concerns going into 2024 to help you build your forces and mitigate financial losses. Let’s get started!
Increase in AI-powered Cyberattacks
AI and Machine Learning (ML) have made headlines for the past several years. However, the popularity of this technology has opened new doors for cybercriminals.
Thus, as AI evolves, it’s natural that there will be an increase in AI-directed cyberattacks. Additionally, more malicious actors will expand their toolkit with AI and ML to create sophisticated, cost-effective, and rapid malware and ransomware. There’s even talk that cybercriminals might manipulate AI systems using adversarial ML, allowing them to fool AI-based security systems by feeding deceptive data and evading detection. Furthermore, cybercriminals will likely leverage deepfake technology alongside AI to enhance impersonation and target cloud-based resources. [Deepfake technology is a term that stems from combining the words deep learning and fake.] With sophisticated deepfake technology, malicious actors can create even more realistic text messages, audio, and videos to impersonate trusted individuals. The greatest danger to deepfake technology seems to be the ability to spread false information that appears to come from trusted sources. Ironically, even though it poses serious threats, there are also legitimate uses of deepfake technology happening now in the video game audio and entertainment industry as well as customer support and caller response applications. The key here is to remain vigilant and add in multiple layers to authenticate your work and information.
As a result, cyber attackers can manipulate victims into taking desired actions, spread disinformation campaigns, and conduct identity theft. To combat this there are similar AI-based software and media authenticity verification tools can help companies curb this threat.
Generative AI to Fight Fire with Fire
As Generative AI grows in popularity, we will continue to see more sophisticated cyberattacks. Generative AI models focus on analyzing and replicating the underlying structure of a given set to generate content that resembles its patterns. While it has transformative potential, hackers are likely to use innovative AI solutions for smart, generative AI-powered attacks, ranging from social engineering attempts to automating ransomware.
In contrast, organizations worldwide will utilize innovative AI technology to detect, evade, and neutralize AI-powered attacks. However, AI will make it easier for malicious actors to mine and glean the details necessary to access confidential data.
Rise of IoT Cyberattacks
Research shows that IoT devices will grow by 25 million within the next six years as more companies realize its benefits. With IoT devices, businesses can gain insights into how customers interact with their products and enhance operational efficiency. An easy example of this is a company offering vehicle fleets can track usage in real-time and adjust its subscription plans accordingly to better meet customer needs.
Thus, as more devices access the Internet, cybercriminals will have more ways to exploit confidential consumer or organizational data.
In addition, companies with a work-from-home or hybrid model will face cyber threats by employees connecting and sharing data over unsecured devices. Besides this, many IoT devices have weak security protocols and easy-to-guess passwords, making them perfect targets for cyber attackers.
Introduction of Next-Level Phishing Attacks
AI, deepfake, and social engineering attacks involving AI-powered impersonation and malware will grow sophisticated, allowing cybercriminals to trick consumers into giving access. In addition, malicious attackers will utilize generative AI to create personalized deepfake attacks.
Thus, companies must spread awareness to ensure all employees can detect and handle phishing attacks.
Supply Chain Will Be a Weak Link
The rapid modernization of the supply chain due to AI and ML will optimize supply chain processes while at the same time present new security risks. As automation, digitalization, and predictive analytics become the norm, companies will become increasingly vulnerable to malicious actors. In fact, experts predict that 45% of companies worldwide will experience supply chain cyberattacks by 2025, indicating a three-fold increase. According to FTI’s President and CEO, Reshma Moorthy, “Since there’s no denying that supply chain logistics are evolving, it’s safe to say that the pandemic caused disruptions that no one was accustomed to seeing.”
Moorthy continued, “This has brought on new supply chain and warehouse management challenges that companies must tackle to remain successful within the competitive world of e-commerce.”
Although supply chain attacks were previously not a concern, digitizing and incorporating sophisticated software will increase cyber threats. Therefore, many organizations will implement a ‘zero trust’ model to mitigate the supply chain risks. “Zero Trust is critical in securing the supply chain, as it helps identify revenue-impacting vulnerability chains within an enterprise," explained Moorthy.
“These chains can include business processes, security processes, and supply chains, collectively referred to as the attack surface.”
Moorthy further stated, “Organizations can proactively identify and break potential kill chains within the supply chain by utilizing the principles set by Zero Trust:
Attack Surface Mapping and Cyber Asset Attack Surface Mapping (CAASM) enable the scanning and mitigating of current, potential, and near-miss supply chain attacks, reducing the risk of cascading failures.
Attack Surface Mapping involves identifying the mapping all the possible entry points, weaknesses, and exposure areas in an organization’s network, systems, and applications. It provides a comprehensive view of the organization’s attack surface, including external-facing systems and internal assets and connections.
CAASM focusses explicitly on the assets within an organization’s supply chain. It examines the digital assets and dependencies in the supply chain ecosystem, including third-party vendors, partners, and interconnected systems. By analyzing the attack surface of the supply chain, organizations can identify potential weaknesses and vulnerabilities that attackers could exploit.
These mapping techniques enable organizations to proactively scan and assess their current security posture, identify potential risks, and prioritize mitigation efforts.”
Moorthy emphasized, “Organizations can take appropriate measures to strengthen their defenses, patch vulnerabilities, and implement security controls by understanding the attack surface and potential attack vendors.”
Growth of Crypto Crime through Scams
The growth in decentralized finance (DeFi) services creates get-rich-quick schemes and financial crime openings, fostering sophisticated crypto crime methodologies for malicious actors. A study by Cybersecurity Ventures found that crypto crime will cost $30 billion in 2025.
Therefore, cybercriminals will seek ways to cash in on cryptocurrency through sophisticated scams and malware, including abandoning crypto projects and finding weaknesses in security systems. Besides this, malicious attackers will use direct exchange hacks and scams to trick consumers into handing over cryptocurrency.
Phishing Emails Will Expand to Non-English-Speaking Areas
In previous years, workers and organizations could spot phishing emails with grammatical errors and typos. However, with sophisticated AI tools like ChatGPT entering the landscape, threat actors will find it easier to craft convincing and compelling emails.
Furthermore, generative AI tolls will allow cyber attackers to create phishing emails in foreign languages, making it necessary for organizations to spread awareness among non-English employees.
Cyber Insurance Requirements May Tighten
With growing cyberattacks leading to higher payouts, cyber insurance providers will require organizations to incorporate a robust cybersecurity plan to qualify for a policy. Most insurers provide policies to companies with multi-factor authentication, regular security training, and patch management.
However, we expect identity and access management to join the list to ensure businesses have a minimum level of security.
Rise in Targeted Ransomware
Another area where the costs will continue to increase in ransomware. Research shows will cost organizations over $265 billion by 2023, up from $20 billion in 2021. Moreover, experts predict new attacks every two seconds as cybercriminals refine their malware techniques.
Targeted ransomware, such as Rackspace December 2022 which affected their Hosted Exchange environment and led to massive service disruptions for many of their customers, will grow in popularity, threatening to leak confidential consumer and organizational data.
A Surge in Stealthy Exploits and New Cybercrime Tactics
The adoption of legitimate system tools to execute cyberattacks will increase, allowing cybercriminals to exploit security systems silently. In addition, data loss and leakages may increase because of an overreliance on SaaS software, presenting new ‘ins’ for malicious actors.
Thus, organizations must bolster their cyber security systems against stealthy malware through sophisticated threat prevention strategies and robust incident recovery plans. As cyberattacks grow more sophisticated, companies must reinvent their security approaches to ensure they’re always ahead.
Security Fatigue Will Increase Cybercrimes
Many cybercriminals will target user identities and sensitive information to compromise key accounts to hack into the IT ecosystems of organizations worldwide. While companies can utilize numerous tools like mail agents and cyber defense software, attending frequent training can cause security exhaustion.
As a result, companies may experience security errors and negligence because of security fatigue. Thus, adopting a ‘zero trust’ model and tailoring awareness training to specific groups is best.
The Bottom Line
The rapid development of AI and ML will lead to a more aggressive growth in ransomware attacks, AI- powered attacks, and an increase in IoT attacks. As cybercriminals use new technology to create sophisticated malware and cyberattacks, organizations must also invest in robust security measures.
Furthermore, it’s now more important than ever for companies to stay updated with the latest cybercrime trends and educate their teams on identifying and eliminating attacks. With these eleven upcoming cyber threats in mind, you can create an effective and efficient defense against cyber threats. “We can help you at Frontier Technologies analyze these 11 upcoming cyber threats and make sure it is applicable to your business needs,” stated Moorthy.